Russia Might Be Loosening Their Stance on Bitcoin

Jayanand Sagar | March 6, 2014 | 2:31 pm

Russia Might Be Loosening Their Stance on Bitcoin

Jayanand Sagar | March 6, 2014 | 2:31 pm

Bank of Russia Letter BitcoinIn response to a letter written by a Russian national to the the country’s central bank regarding a “ban” of the digital currency in February, the Bank of Russia has reportedly said that the outcome of February’s meetings between officials in the country did not conclude with a ban, but “to develop a unified approach to the determination of the legal status of cryptocurrencies, also it was  discussed future directions for the legal regulation of the sphere of cryptocurrencies’ using and development of measures to prevent the violation of property rights of citizens and organizations in this field.”

The information comes from a translated letter from the central bank, posted here.

Contrary to original reports, the central bank suggests that bitcoin and other digital currencies are not banned:

Thus the position of the meeting was not to prohibit all operations related to cryptocurrencies, the main goal was the preparation and realization of a complex of measures to prevent  the use of cryptocurrencies in illegal operations, including those related to the legalization (laundering) of proceeds from crime, as well as improving the regulatory framework to protect the rights of citizens and organizations using cryptocurrencies.

So, there’s some level of miscommunication between the General Prosecutor’s Office (which issued the “ban”), and the Central Bank (who suggests there is no ban).

For now, though, it does seem as if the country may be loosening their belts when it comes to bitcoin usage. [via: CoinDesk]

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